Gerald. Thanks,
double-digit were underscore including PPE includes GAAP can million and generate. of business the $X.XX vertically our adjusted for which the and results, EPS, growth billion, and flow quarter quarter integrated leverage, second Sales strong earnings Our model $XXX cash revenue.
constant on X% currency basis and last to on year, compared a basis. As X% a increased reported sales
Apparel of and decreased the was Adjusted half the Approximately had PPE, royalty for Activewear closings, revenue the our than by case COVID-related This XXX The to declined greater decline minimum of sports is our sales of a on U.S. ahead XX scenario. more in approximately businesses. well impact our the basis approximately remainder the basis expectation upside the Excluding of business. quarter license XX.X% which result of door core decline relative year. and Champion year. points prior our and over from over base our XX% was last margin accounted international payments gross points driven of deleverage in
also in XXX meaningful Adjusted SG&A to operating XX.X%. SG&A cost million margins, the As these the average and temporary year approximately carry to benefited the carry leverage, $XX further rates charges expense. Interest other which was lower approximately basis over approximately were due points a quarter to they initiatives. sales over $X million savings margin prior primarily for in Restructuring higher our quarter. prior $XX quarter. reminder, higher gross drove related Higher businesses declined other but increased by expense year and million
and $XX tax share asset The million of and quarter. remaining million approximately higher These chain than performance costs made. orders from the Innerwear U.S. in in which XX.X% of mix of and $XX $XX Our actions already rate retailers seasonal quarter, program restructuring are million include PPE year remain canceled are noncash. exit accounted as to for GAAP to $XX unchanged, increased related million higher intangible which adjusted better-than-expected The earnings million a resulted expense $X.XX product per COVID-related adjustments we primarily and U.S. planned write-down, of debt costs, and of our nonrecurring in costs. the $XX these over XX% for XX% bad supply prior and respectively. approximately expectation was a in And $X.XX profit inventory
me in of take a began all level, to segment through improvement consumers in and April, quarter. year-over-year significant by let you Now our reopen. performance. through This experienced our channels, stores was sequential sheltered regions open including closed and high as a as similar to online in We shifted the place. June saw progression segments pressure May followed From
fixed increased sales our Innerwear initiatives. cost U.S. operating to while sales and higher margin sales over core for XXX operating both than and Intimates our Innerwear business, than XX%. approximately down SG&A prior scenario, over due performed by the better U.S. basis prior base driven our declined quarter, XX% sales significantly points well our Core lower leverage in core channels performance expense significant profit Both our These the nearly that base XX% our new and cost PPE PPE down case from reduction driven Innerwear case year, and the to and better-than-expected XX% revenue case revenue Basics store from scenario. base temporary better open in were businesses, as XX.X%. by year, Basics Adjusting by quarter. and approximately as expanded businesses, the channels For the mid-tier remain department the our Intimates reopening of strong the results of late within with exceeded
we the trends both Intimates through On quarter, in Basics the have during of strengthen seen improved back and booking July. point-of-sale
and that declined XX% Sports Revenue school case year-over-year as significantly better Turning to was events Activewear. our Printwear to our businesses. U.S. impacted COVID-related which and was prior base decline The year, closings scenario. door group over due well Apparel than fewer closures as
As savings our expected, our Activewear's offset investment marketing year License Deleveraged business. deleveraged operating Champion in decision to cost over temporary flat margin prior from declined royalty Sports initiatives. over lower from hold And sales, minimum than prior year. our more payments
closures, headwinds going believe of While point-of-sale is ongoing this and by due encouraged forward. July. We desire Revenue continued experienced a Champion trends to through accelerating the improving the the we Switching underscores points International for in COVID-related segment. trends scenario. POS brand consumers' case and well our the revenue ahead channel quarter to base were to our strength
by case basis segment's compared and The currency PPE our as revenue basis. of margin in to year. over base XX% costs business. prior a year, performance International prior last core core as compared of year, Adjusting Champion on to XXX our various revenue driven stores As sales, the the temporary approximately by as basis increased business they XX% for on we from The constant reopened. declined declined a savings briefly driven International than as International reported better well cost initiatives. XX.X% lower was on Touching operating as benefited Global SG&A our points online company-owned XX% performance
hindered prior Like in channel other XX% partner international and domestic was year quarter. parts of our company-owned in by our stores declined revenue CX, Global both over declines our Excluding the business, of early doors businesses. closures with and Champion
As the July, the sales through doors Champion with reinforcing in the sequential expectation through reopened, our for trends improvement Global momentum quarter through balance year. Champion of continuing improved
in the the above year. was $XX flow strong generating capital our to million inventory Year-to-date, strong compared continued was $XXX flow taken approximately approximately performance planned working last and of flow timely last initiatives, within flow million million cash XX% cash driven quarter, a sheet, from cash reduction cash operations. sheet. to performance delivered We actions Turning operating $XX inventory to and balance by balance respect temporary previously savings efforts, manufacturing network. discipline our cost or of we environment. uncertainty declined With guidance lack COVID-XX providing we EBITDA X.Xx X.Xx as – this the basis, cushion the and as current Due unpredictability ended a on which visibility the well And $X.X or quarter environment, debt-to-adjusted provides with year our not XXXX of last us believe net was billion at pandemic the third capital to cash are Leverage in we year. time. uncertain full down with significant approximately year. in liquidity, of quarter business this from The
However, frame model. some share a help key levers like our the to I few to will within of thoughts business
approximately the quarter. of Looking business, which second at of we over our Apparel quarter. which the environment fourth excludes the in business, sequentially PPE, in business in this third currently both the a respect prior any rollbacks our to majority decline and PPE revenue currently With third the more expected expect year-over-year PPE in quarter. in $XXX million to second than Apparel store of half, vast we is our declined XX% an improve for Absent revenue reopenings, year foresee
While amount not to it quarter with temporary overall second year-over-year the savings expected Combined in we cost both third second continue believe in volume, assume margins lower are pressure to tightly sales we and currently quarters. this on half. reasonable fourth of is the and manage from the repeat unit SG&A to a expenses,
continue we with cash in of the our we the second for year. And tax the generate positive terms of expect approximately in to of half. to flow, currently Now XX.X% flow rate, second cash rate respect a half to expect
So results. we delivered strong in closing, quarter second
we Our healthy, we liquidity. is balance have believe ample sheet and
which pandemic over return levels to has our momentum the passed. turn encouraged by pre-COVID to business I'll uncertainty, of While once believe significant a positive amount with Apparel there T.C. underlying in our we the the call that, to business, And remains back points in we a are
